Avnetís Chairman and Chief Executive Officer Adopts Rule 10b5-1 Trading Plan
Phoenix, Ariz. - Avnet, Inc. (NYSE:AVT) today announced that, Roy Vallee, its Chairman and Chief Executive Officer, has established a Rule 10b5-1 plan to effect the orderly exercise of certain employee stock options and the sale of the underlying shares over a period to expire in October 2007 (the ďplanĒ) unless earlier terminated pursuant to certain provisions under the plan. The options subject to the plan are from grants made in 1999 that expire in September 2009. Mr. Vallee is in full compliance with the Avnet Stock Ownership Guidelines for company executives, which require that he hold Avnet stock in an amount at least equal to three times his annual base salary.
The trading plan is designed in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, which provides an affirmative defense against insider trading liability by permitting executives to buy or sell their companyís securities pursuant to a trading program that was adopted when the executive was not in possession of material, non-public information.
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